Credit Union Association of New Mexico (CUANM) has expanded its services with an addition of The Bank of New York Mellon's Remit Worldwide global remittance solution to its credit unions in New Mexico and nationwide on a white-label basis.

Remit Worldwide is a global remittance solution that will enable credit unions to offer global remittances as a new member service.

A form of cross border funds transfer, remittances provide credit unions and banks with an opportunity to expand their product and service offerings to customers interested in remitting funds to beneficiaries abroad.

Sylvia Lyon, CEO of CUANM, said: “Enabling credit unions to provide global remittances as a new customer service provides us with a superior product that is important to the underserved new immigrant community. This group comprises a significant and rapidly growing consumer group that credit unions are committed to serving. We look forward to working with BNY Mellon to provide this easy-to-use remittance product to credit unions throughout the country.”

Wendy Miller, head of multicurrency services for BNY Mellon Treasury Services, said: “We know from experience that remitters welcome the opportunity to send funds to beneficiaries in the safety, security and reliability of a credit union environment. CUANM’s commitment to Remit Worldwide gives us an exciting opportunity to expand not just the reach of our solution, but also to enhance its user friendliness from a client credit union perspective.”

Mike Athens, CUANM vice president of Association Services, said: “The ability to add Remit Worldwide to the suite of outreach products we offer credit unions is very exciting.”

The Bank of New York Mellon’s Treasury Services group provides global payments, trade services, cash management, capital markets, foreign exchange and derivatives.